filings.toolsItem 1. Consolidated Financial Statements
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Item 1. Consolidated Financial Statements
THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
IN MILLIONS EXCEPT PER SHARE AMOUNTS
| Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
| November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 | |||||||||||
| Net sales | $ | 15,117 | $ | 14,063 | $ | 42,629 | $ | 40,010 | ||||||
| Cost of sales, including buying and occupancy costs | 10,190 | 9,622 | 29,412 | 27,741 | ||||||||||
| Selling, general and administrative expenses | 3,039 | 2,748 | 8,393 | 7,814 | ||||||||||
| Interest (income) expense, net | (28) | (43) | (85) | (139) | ||||||||||
| Income before income taxes | 1,916 | 1,736 | 4,909 | 4,594 | ||||||||||
| Provision for income taxes | 474 | 439 | 1,188 | 1,128 | ||||||||||
| Net income | $ | 1,442 | $ | 1,297 | $ | 3,721 | $ | 3,466 | ||||||
| Basic earnings per share | $ | 1.30 | $ | 1.15 | $ | 3.34 | $ | 3.07 | ||||||
| Weighted average common shares – basic | 1,112 | 1,127 | 1,115 | 1,130 | ||||||||||
| Diluted earnings per share | $ | 1.28 | $ | 1.14 | $ | 3.30 | $ | 3.03 | ||||||
| Weighted average common shares – diluted | 1,126 | 1,141 | 1,129 | 1,144 |
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
IN MILLIONS
| Thirteen Weeks Ended | ||||||||||||||
| November 1, 2025 | November 2, 2024 | |||||||||||||
| Net income | $ | 1,442 | $ | 1,297 | ||||||||||
| Additions to other comprehensive (loss), net of tax: | ||||||||||||||
| Foreign currency translation adjustments, net of related tax benefits of $1 in fiscal 2026 and $1 in fiscal 2025 | (26) | (15) | ||||||||||||
| Reclassifications from other comprehensive (loss), net of tax, to net income: | ||||||||||||||
| Amortization of prior service cost and deferred gains, net of related tax provisions of $0.1 in fiscal 2026 and $0.1 in fiscal 2025 | 0 | 0 | ||||||||||||
| Other comprehensive (loss), net of tax | (26) | (15) | ||||||||||||
| Total comprehensive income | $ | 1,416 | $ | 1,282 |
| Thirty-Nine Weeks Ended | ||||||||
| November 1, 2025 | November 2, 2024 | |||||||
| Net income | $ | 3,721 | $ | 3,466 | ||||
| Additions to other comprehensive income (loss), net of tax: | ||||||||
| Foreign currency translation adjustments, net of related tax provision of $2 in fiscal 2026 and tax benefit of $4 in fiscal 2025 | 138 | (15) | ||||||
| Reclassifications from other comprehensive income (loss), net of tax, to net income: | ||||||||
| Amortization of prior service cost and deferred gains, net of related tax provisions of $0.0 in fiscal 2026 and $0.1 in fiscal 2025 | 0 | 0 | ||||||
| Other comprehensive income (loss), net of tax | 138 | (15) | ||||||
| Total comprehensive income | $ | 3,859 | $ | 3,451 |
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
THE TJX COMPANIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
IN MILLIONS, EXCEPT SHARE AMOUNTS
| November 1, 2025 | February 1, 2025 | November 2, 2024 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 4,640 | $ | 5,335 | $ | 4,718 | |||||
| Accounts receivable, net | 651 | 549 | 599 | ||||||||
| Merchandise inventories | 9,353 | 6,421 | 8,371 | ||||||||
| Prepaid expenses and other current assets | 597 | 617 | 546 | ||||||||
| Federal, state and foreign income taxes recoverable | 73 | 69 | 118 | ||||||||
| Total current assets | 15,314 | 12,991 | 14,352 | ||||||||
| Net property at cost | 7,926 | 7,346 | 7,136 | ||||||||
| Non-current deferred income taxes, net | 145 | 148 | 142 | ||||||||
| Operating lease right of use assets | 10,039 | 9,641 | 9,570 | ||||||||
| Goodwill | 95 | 94 | 95 | ||||||||
| Other assets | 1,669 | 1,529 | 1,141 | ||||||||
| Total assets | $ | 35,188 | $ | 31,749 | $ | 32,436 | |||||
| Liabilities | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 5,937 | $ | 4,257 | $ | 5,617 | |||||
| Accrued expenses and other current liabilities | 5,264 | 5,040 | 4,714 | ||||||||
| Current portion of operating lease liabilities | 1,709 | 1,636 | 1,642 | ||||||||
| Current portion of long-term debt | 999 | — | — | ||||||||
| Federal, state and foreign income taxes payable | 92 | 75 | 44 | ||||||||
| Total current liabilities | 14,001 | 11,008 | 12,017 | ||||||||
| Other long-term liabilities | 1,103 | 1,050 | 1,002 | ||||||||
| Non-current deferred income taxes, net | 239 | 156 | 172 | ||||||||
| Long-term operating lease liabilities | 8,616 | 8,276 | 8,207 | ||||||||
| Long-term debt | 1,870 | 2,866 | 2,865 | ||||||||
| Commitments and contingencies (See Note K) | |||||||||||
| Shareholders’ equity | |||||||||||
| Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued | — | — | — | ||||||||
| Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,110,418,570; 1,119,333,622 and 1,124,355,838 respectively | 1,110 | 1,119 | 1,124 | ||||||||
| Additional paid-in capital | — | — | — | ||||||||
| Accumulated other comprehensive (loss) income | (471) | (609) | (547) | ||||||||
| Retained earnings | 8,720 | 7,883 | 7,596 | ||||||||
| Total shareholders’ equity | 9,359 | 8,393 | 8,173 | ||||||||
| Total liabilities and shareholders’ equity | $ | 35,188 | $ | 31,749 | $ | 32,436 |
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
IN MILLIONS
| Thirty-Nine Weeks Ended | |||||||||||
| November 1, 2025 | November 2, 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 3,721 | $ | 3,466 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 920 | 795 | |||||||||
| Loss on property disposals and impairment charges | 17 | 3 | |||||||||
| Deferred income tax provision | 91 | 58 | |||||||||
| Share-based compensation | 131 | 131 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| (Increase) in accounts receivable | (95) | (70) | |||||||||
| (Increase) in merchandise inventories | (2,851) | (2,415) | |||||||||
| (Increase) in income taxes recoverable | (4) | (59) | |||||||||
| Decrease (increase) in prepaid expenses and other current assets | 18 | (28) | |||||||||
| Increase in accounts payable | 1,642 | 1,760 | |||||||||
| Increase (decrease) in accrued expenses and other liabilities | 44 | (85) | |||||||||
| Increase (decrease) increase in income taxes payable | 177 | (56) | |||||||||
| Increase (decrease) in net operating lease liabilities | 6 | (7) | |||||||||
| Other, net | (100) | (81) | |||||||||
| Net cash provided by operating activities | 3,717 | 3,412 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Property additions | (1,489) | (1,404) | |||||||||
| Purchase of equity investments | (12) | (192) | |||||||||
| Purchases of investments | (31) | (29) | |||||||||
| Sales and maturities of investments | 22 | 18 | |||||||||
| Net cash (used in) investing activities | (1,510) | (1,607) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Payments for repurchase of common stock | (1,738) | (1,661) | |||||||||
| Cash dividends paid | (1,371) | (1,226) | |||||||||
| Proceeds from issuance of common stock | 196 | 254 | |||||||||
| Other | (64) | (42) | |||||||||
| Net cash (used in) financing activities | (2,977) | (2,675) | |||||||||
| Effect of exchange rate changes on cash | 75 | (12) | |||||||||
| Net (decrease) in cash and cash equivalents | (695) | (882) | |||||||||
| Cash and cash equivalents at beginning of year | 5,335 | 5,600 | |||||||||
| Cash and cash equivalents at end of period | $ | 4,640 | $ | 4,718 |
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
IN MILLIONS
| Thirteen Weeks Ended | ||||||||||||||||||||
| Common Stock | ||||||||||||||||||||
| Shares | Par Value $1 | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total | |||||||||||||||
| Balance, August 2, 2025 | 1,113 | $ | 1,113 | $ | — | $ | (445) | $ | 8,198 | $ | 8,866 | |||||||||
| Net income | — | — | — | — | 1,442 | 1,442 | ||||||||||||||
| Other comprehensive (loss), net of tax | — | — | — | (26) | — | (26) | ||||||||||||||
| Cash dividends declared on common stock | — | — | — | — | (471) | (471) | ||||||||||||||
| Recognition of share-based compensation | — | — | 55 | — | — | 55 | ||||||||||||||
| Issuance of common stock under stock incentive plan and related tax effect | 1 | 1 | 89 | — | — | 90 | ||||||||||||||
| Common stock repurchased | (4) | (4) | (144) | — | (449) | (597) | ||||||||||||||
| Balance, November 1, 2025 | 1,110 | $ | 1,110 | $ | — | $ | (471) | $ | 8,720 | $ | 9,359 |
| Thirteen Weeks Ended | ||||||||||||||||||||
| Common Stock | ||||||||||||||||||||
| Shares | Par Value $1 | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total | |||||||||||||||
| Balance, August 3, 2024 | 1,128 | $ | 1,128 | $ | — | $ | (532) | $ | 7,186 | $ | 7,782 | |||||||||
| Net income | — | — | — | — | 1,297 | 1,297 | ||||||||||||||
| Other comprehensive (loss), net of tax | — | — | — | (15) | — | (15) | ||||||||||||||
| Cash dividends declared on common stock | — | — | — | — | (422) | (422) | ||||||||||||||
| Recognition of share-based compensation | — | — | 47 | — | — | 47 | ||||||||||||||
| Issuance of common stock under stock incentive plan and related tax effect | 1 | 1 | 62 | — | — | 63 | ||||||||||||||
| Common stock repurchased | (5) | (5) | (109) | — | (465) | (579) | ||||||||||||||
| Balance, November 2, 2024 | 1,124 | $ | 1,124 | $ | — | $ | (547) | $ | 7,596 | $ | 8,173 |
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
IN MILLIONS
| Thirty-Nine Weeks Ended | ||||||||||||||||||||
| Common Stock | ||||||||||||||||||||
| Shares | Par Value $1 | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total | |||||||||||||||
| Balance, February 1, 2025 | 1,119 | $ | 1,119 | $ | — | $ | (609) | $ | 7,883 | $ | 8,393 | |||||||||
| Net income | — | — | — | — | 3,721 | 3,721 | ||||||||||||||
| Other comprehensive income, net of tax | — | — | — | 138 | — | 138 | ||||||||||||||
| Cash dividends declared on common stock | — | — | — | — | (1,421) | (1,421) | ||||||||||||||
| Recognition of share-based compensation | — | — | 131 | — | — | 131 | ||||||||||||||
| Issuance of common stock under stock incentive plan and related tax effect | 4 | 4 | 127 | — | (1) | 130 | ||||||||||||||
| Common stock repurchased | (13) | (13) | (258) | — | (1,462) | (1,733) | ||||||||||||||
| Balance, November 1, 2025 | 1,110 | $ | 1,110 | $ | — | $ | (471) | $ | 8,720 | $ | 9,359 |
| Thirty-Nine Weeks Ended | ||||||||||||||||||||
| Common Stock | ||||||||||||||||||||
| Shares | Par Value $1 | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total | |||||||||||||||
| Balance, February 3, 2024 | 1,134 | $ | 1,134 | $ | — | $ | (532) | $ | 6,700 | $ | 7,302 | |||||||||
| Net income | — | — | — | — | 3,466 | 3,466 | ||||||||||||||
| Other comprehensive (loss), net of tax | — | — | — | (15) | — | (15) | ||||||||||||||
| Cash dividends declared on common stock | — | — | — | — | (1,271) | (1,271) | ||||||||||||||
| Recognition of share-based compensation | — | — | 131 | — | — | 131 | ||||||||||||||
| Issuance of common stock under stock incentive plan and related tax effect | 5 | 5 | 207 | — | — | 212 | ||||||||||||||
| Common stock repurchased | (15) | (15) | (338) | — | (1,299) | (1,652) | ||||||||||||||
| Balance, November 2, 2024 | 1,124 | $ | 1,124 | $ | — | $ | (547) | $ | 7,596 | $ | 8,173 |
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
THE TJX COMPANIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note A. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. All intercompany transactions have been eliminated in consolidation. Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025 (“fiscal 2025”).
These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year.
The February 1, 2025 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP.
Fiscal Year
TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends January 31, 2026 (“fiscal 2026”) and is a 52-week fiscal year. Fiscal 2025 was a 52-week fiscal year. “Fiscal 2027” and “fiscal 2028” will both be 52-week fiscal years and will end January 30, 2027 and January 29, 2028, respectively.
Use of Estimates
The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material.
Deferred Gift Card Revenue
The following table presents deferred gift card revenue activity:
| In millions | November 1, 2025 | November 2, 2024 | ||||||
| Balance, beginning of year | $ | 824 | $ | 773 | ||||
| Deferred revenue | 1,294 | 1,315 | ||||||
| Effect of exchange rate changes on deferred revenue | 7 | (2) | ||||||
| Revenue recognized | (1,353) | (1,371) | ||||||
| Balance, end of period | $ | 772 | $ | 715 |
TJX recognized $433 million in gift card revenue for the three months ended November 1, 2025 and $431 million for the three months ended November 2, 2024. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period.
Equity Investments
Multibrand Outlet Stores
During fiscal 2025, the Company completed an investment for a 49% ownership stake in Multibrand Outlet Stores S.A.P.I. de C.V. (“MOS”), through a joint venture with Grupo Axo, S.A.P.I de C.V. (“Axo”). MOS is Axo’s off-price, physical store business in Mexico and includes a total of over 200 stores for its Promoda, Reduced, and Urban Store banners. TJX has the option to increase its ownership interest in the joint venture over the long term. TJX completed this investment for $193 million, inclusive of acquisition costs, during the third quarter of fiscal 2025.
For the nine months ended November 1, 2025, the carrying value of the Company’s equity investment in MOS was $193 million, which exceeds its share of MOS’ net assets by approximately $154 million. This difference primarily consists of goodwill and tradenames. Tradenames are definite-lived intangible assets and are amortized straight-line over their useful lives of 10 years. The carrying value of this equity investment is adjusted for the Company’s share of MOS’s results, tradename amortization, cumulative translation adjustments and additional capital contributions. The cumulative translation adjustment is recorded in the Consolidated Balance Sheets as a component of Accumulated other comprehensive (loss) income.
Brands for Less
During fiscal 2025, the Company completed an investment for a 35% ownership stake in privately held Brands for Less (“BFL”), representing a non-controlling, minority position. BFL currently operates over 100 stores, primarily in the UAE and Saudi Arabia, as well as an e-commerce business, and is the region’s only major off-price branded apparel, toys and home fashions retailer. TJX completed this investment for $358 million, inclusive of acquisition costs, during the fourth quarter of fiscal 2025.
For the nine months ended November 1, 2025, the carrying value of the Company’s equity investment in BFL was $335 million, which exceeds its share of BFL net assets by approximately $291 million. This difference primarily consists of goodwill and a tradename. The tradename is a definite-lived intangible asset and will be amortized straight-line over the useful life of 15 years. The carrying value of this equity investment is adjusted for the Company’s share of BFL’s results and tradename amortization.
Both investments are accounted for under the equity method of accounting and are recorded in Other assets on the Consolidated Balance Sheets. TJX reports the results of its share of the investments in MOS and BFL on a one-quarter lag, as their results are not expected to be available in time to be recorded in the concurrent period. Earnings from the investments in MOS and BFL are recorded in Selling, general & administrative expenses on the Consolidated Statements of Income. The earnings from these investments did not have a material impact on the Company’s results for the nine months ended November 1, 2025.
Additionally, both equity investments are evaluated for indicators of impairment on a periodic basis or whenever events or circumstances indicate the carrying amount may be other-than-temporarily impaired. If the Company concludes that there is an other-than-temporary impairment of these equity investments, it will adjust the carrying amount of the investments to the current fair value. As of November 1, 2025, the Company determined that no impairments of its equity method investments existed.
Leases
Supplemental cash flow information related to leases is as follows:
| Thirty-Nine Weeks Ended | ||||||||
| In millions | November 1, 2025 | November 2, 2024 | ||||||
| Operating cash flows paid for operating leases | $ | 1,649 | $ | 1,575 | ||||
| Lease liabilities arising from obtaining right of use assets | $ | 1,590 | $ | 1,503 |
Future Adoption of New Accounting Standards
From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, the Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption, and, therefore, the guidance is not disclosed.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued guidance related to improvements to income tax disclosures. The new standard updates the income tax disclosure related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The standard also provides for further disclosure comparability. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will adopt this standard for the fiscal 2026 Form 10-K and is currently evaluating the impact of the adoption of this standard on its consolidated financial statement disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued new guidance to enhance the disclosure of expenses by requiring further disaggregation of relevant expenses in a separate note to the financial statements. This standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this adoption on its consolidated financial statement disclosures and plans to adopt this standard for the fiscal 2028 Form 10-K.
Improvements to Accounting for Internal-Use Software
In September 2025, the FASB issued new guidance to modernize the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. This standard is effective for fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption on its consolidated financial statement disclosures and plans to adopt this standard for annual reporting as well as interim period reporting beginning in fiscal year 2029.
SEC Rule Changes
In March 2024, the SEC adopted new rules phasing in for fiscal years beginning on or after January 1, 2025 that will require registrants to provide certain climate-related information in their registration statements and annual reports. In April 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. In March 2025, the SEC withdrew its defense of the rules in the pending litigation and, in July 2025, filed a status report requesting that the U.S. Court of Appeals for the Eighth Circuit (the "Eighth Circuit") proceed with the case and issue an opinion on the challenges to the rules. In September 2025, the Eighth Circuit denied the SEC's request to proceed with the case and issued an order staying the litigation until the SEC either renews its defense of the rules or revised the rules via notice-and-comment rulemaking. The Company is continuing to monitor the status.
Recently Adopted Accounting Standards
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued guidance related to improvements to reportable segment disclosures. The new standard improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses. The Company adopted this standard as of February 1, 2025, on a retrospective basis. Refer to Note G—Segment Information for the impact upon adoption of the new required disclosures.
Note B. Property at Cost
The following table presents the components of property at cost:
| In millions | November 1, 2025 | February 1, 2025 | November 2, 2024 | ||||||||
| Land and buildings | $ | 2,681 | $ | 2,558 | $ | 2,436 | |||||
| Leasehold costs and improvements | 5,263 | 4,710 | 4,670 | ||||||||
| Furniture, fixtures and equipment | 9,275 | 8,714 | 8,540 | ||||||||
| Total property at cost | $ | 17,219 | $ | 15,982 | $ | 15,646 | |||||
| Less: accumulated depreciation and amortization | 9,293 | 8,636 | 8,510 | ||||||||
| Net property at cost | $ | 7,926 | $ | 7,346 | $ | 7,136 |
Depreciation expense was $315 million and $265 million for the three months ended November 1, 2025 and November 2, 2024, respectively. Depreciation expense was $917 million and $791 million for the nine months ended November 1, 2025 and November 2, 2024, respectively.
Non-cash investing activities consist of accrued capital additions of $185 million and $199 million as of the periods ended November 1, 2025 and November 2, 2024, respectively.
Note C. Accumulated Other Comprehensive (Loss) Income
Amounts included in Accumulated other comprehensive (loss) income are recorded net of taxes. The following table details the changes in Accumulated other comprehensive (loss) income for the twelve months ended February 1, 2025 and the nine months ended November 1, 2025:
| In millions and net of immaterial taxes | Foreign Currency Translation | Deferred Benefit Costs | Accumulated Other Comprehensive (Loss) Income | |||||||||||
| Balance, February 3, 2024 | $ | (514) | $ | (18) | $ | (532) | ||||||||
| Additions to other comprehensive (loss): | ||||||||||||||
| Foreign currency translation adjustments, net of taxes | (105) | — | (105) | |||||||||||
| Recognition of net gains on benefit obligations, net of taxes | — | 27 | 27 | |||||||||||
| Reclassifications from other comprehensive (loss) to net income: | ||||||||||||||
| Amortization of prior service cost and deferred gains, net of taxes | — | 1 | 1 | |||||||||||
| Balance, February 1, 2025 | $ | (619) | $ | 10 | $ | (609) | ||||||||
| Additions to other comprehensive (loss): | ||||||||||||||
| Foreign currency translation adjustments, net of taxes | 138 | — | 138 | |||||||||||
| Reclassifications from other comprehensive (loss) to net income: | ||||||||||||||
| Amortization of prior service cost and deferred gains, net of taxes | — | 0 | 0 | |||||||||||
| Balance, November 1, 2025 | $ | (481) | $ | 10 | $ | (471) |
Note D. Capital Stock and Earnings Per Share
Capital Stock
In February 2025, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional $2.5 billion of TJX common stock from time to time. Under this program, TJX had approximately $1.9 billion available for repurchase as of November 1, 2025.
The following table provides share repurchases, excluding applicable excise tax:
| Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
| In millions | November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 | ||||||||||
| Total number of shares repurchased and retired | 4.2 | 5.0 | 13.4 | 15.4 | ||||||||||
| Total cost | $ | 594 | $ | 574 | $ | 1,722 | $ | 1,642 |
All shares repurchased under the stock repurchase programs have been retired. These expenditures were funded by cash on hand and cash generated from operations.
Earnings Per Share
The following table presents the calculation of basic and diluted earnings per share:
| Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
| Amounts in millions, except per share amounts | November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 | ||||||||||
| Basic earnings per share: | ||||||||||||||
| Net income | $ | 1,442 | $ | 1,297 | $ | 3,721 | $ | 3,466 | ||||||
| Weighted average common shares outstanding for basic earnings per share calculation | 1,112 | 1,127 | 1,115 | 1,130 | ||||||||||
| Basic earnings per share | $ | 1.30 | $ | 1.15 | $ | 3.34 | $ | 3.07 | ||||||
| Diluted earnings per share: | ||||||||||||||
| Net income | $ | 1,442 | $ | 1,297 | $ | 3,721 | $ | 3,466 | ||||||
| Weighted average common shares outstanding for basic earnings per share calculation | 1,112 | 1,127 | 1,115 | 1,130 | ||||||||||
| Assumed exercise/vesting of stock options and awards | 14 | 14 | 14 | 14 | ||||||||||
| Weighted average common shares outstanding for diluted earnings per share calculation | 1,126 | 1,141 | 1,129 | 1,144 | ||||||||||
| Diluted earnings per share | $ | 1.28 | $ | 1.14 | $ | 3.30 | $ | 3.03 | ||||||
| Cash dividends declared per share | $ | 0.425 | $ | 0.375 | $ | 1.275 | $ | 1.125 |
The weighted average common shares for the diluted earnings per share calculation excludes the impact of outstanding stock options if the assumed proceeds per share of the option is in excess of the average price of TJX’s common stock for the related fiscal periods. Such options are excluded because they would have an antidilutive effect. There were 3 million antidilutive options excluded for the thirteen weeks and thirty-nine weeks ended November 1, 2025 and 4 million antidilutive options excluded for the thirteen weeks and thirty-nine weeks ended November 2, 2024.
Note E. Financial Instruments
As a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX’s operating results and financial position. TJX seeks to minimize risk from changes in interest and foreign currency exchange rates and fuel costs through the use of derivative financial instruments when and to the extent deemed appropriate. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance Sheet and measures those instruments at fair value. The fair values of the derivatives are classified as assets or liabilities, current or non-current, based upon valuation results and settlement dates of the individual contracts. Changes to the fair value of derivative contracts that do not qualify for hedge accounting are reported in earnings in the period of the change. For derivatives that qualify for hedge accounting, changes in the fair value of the derivatives are either recorded in shareholders’ equity as a component of Accumulated other comprehensive (loss) income or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged. Gains and losses on derivative instruments are reported in the Consolidated Statements of Cash Flows in operating activities, under Other, net.
Diesel Fuel Contracts
TJX hedges portions of its estimated notional diesel fuel requirements based on the diesel fuel expected to be consumed by independent freight carriers transporting TJX’s inventory. Independent freight carriers transporting TJX’s inventory charge TJX a mileage surcharge based on the price of diesel fuel. The hedge agreements are designed to mitigate the volatility of diesel fuel pricing, and the resulting per mile surcharges payable by TJX, by setting a fixed price per gallon for the period being hedged. During fiscal 2025, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for fiscal 2026, and during the first nine months of fiscal 2026, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for the first nine months of fiscal 2027. The hedge agreements outstanding at November 1, 2025 relate to approximately 50% of TJX’s estimated notional diesel fuel requirements for the remainder of fiscal 2026 and the first nine months of fiscal 2027. These diesel fuel hedge agreements will settle throughout fiscal 2026 and throughout the first ten months of fiscal 2027. Upon settlement, the realized gains and losses on these contracts are recorded in Cost of sales, including buying and occupancy costs. TJX elected not to apply hedge accounting to these contracts.
Foreign Currency Contracts
TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations in currencies other than their respective functional currencies. The contracts outstanding at November 1, 2025 cover merchandise purchases the Company is committed to over the next several months in fiscal 2026. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their U.K. centralized buying function. Merchandise is purchased centrally in the U.K. and then shipped and billed to the retail entities in other countries. This intercompany billing to TJX’s European businesses’ Euro denominated operations creates exposure to the central buying entity for changes in the exchange rate between the Euro and British Pound. A portion of the inflows of Euros to the central buying entity provides a natural hedge for Euro denominated merchandise purchases from third-party vendors. TJX calculates any excess Euro exposure each month and enters into forward contracts of approximately 30 days' duration to mitigate this excess exposure. Upon settlement, the realized gains and losses on these contracts are recorded in Cost of sales, including buying and occupancy costs. TJX elected not to apply hedge accounting to these contracts.
TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt. The changes in fair value of these contracts are recorded in Selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Selling, general and administrative expenses.
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at November 1, 2025:
| In millions | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at November 1, 2025 | ||||||||||||||||||||||
| Fair value hedges: | |||||||||||||||||||||||||||||
| Intercompany balances, primarily debt: | |||||||||||||||||||||||||||||
| € | 83 | £ | 72 | 0.8699 | (Accrued Exp) | $ | — | $ | (1.3) | $ | (1.3) | ||||||||||||||||||
| A$ | 240 | U.S.$ | 154 | 0.6415 | Prepaid Exp / (Accrued Exp) | 0.1 | (3.4) | (3.3) | |||||||||||||||||||||
| U.S.$ | 74 | £ | 55 | 0.7409 | (Accrued Exp) | — | (1.9) | (1.9) | |||||||||||||||||||||
| £ | 50 | U.S.$ | 67 | 1.3490 | Prepaid Exp | 1.7 | — | 1.7 | |||||||||||||||||||||
| € | 200 | U.S.$ | 228 | 1.1400 | Prepaid Exp / (Accrued Exp) | 1.6 | (5.7) | (4.1) | |||||||||||||||||||||
| Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
| Diesel fuel contracts | Fixed on 3.2M – 4.1M gal per month | Float on 3.2M – 4.1M gal per month | N/A | Prepaid Exp | 2.8 | — | 2.8 | ||||||||||||||||||||||
| Intercompany billings in TJX International, primarily merchandise: | |||||||||||||||||||||||||||||
| € | 71 | £ | 62 | 0.8727 | (Accrued Exp) | — | (0.5) | (0.5) | |||||||||||||||||||||
| Merchandise purchase commitments: | |||||||||||||||||||||||||||||
| C$ | 871 | U.S.$ | 635 | 0.7294 | Prepaid Exp / (Accrued Exp) | 11.8 | (0.2) | 11.6 | |||||||||||||||||||||
| C$ | 37 | € | 23 | 0.6180 | Prepaid Exp / (Accrued Exp) | 0.1 | (0.1) | (0.0) | |||||||||||||||||||||
| £ | 536 | U.S.$ | 717 | 1.3382 | Prepaid Exp / (Accrued Exp) | 13.6 | (1.3) | 12.3 | |||||||||||||||||||||
| zł | 440 | £ | 89 | 0.2022 | (Accrued Exp) | — | (2.2) | (2.2) | |||||||||||||||||||||
| A$ | 106 | U.S.$ | 70 | 0.6541 | Prepaid Exp / (Accrued Exp) | 0.2 | (0.3) | (0.1) | |||||||||||||||||||||
| U.S.$ | 125 | € | 107 | 0.8565 | Prepaid Exp / (Accrued Exp) | 0.6 | (1.7) | (1.1) | |||||||||||||||||||||
| Total fair value of derivative financial instruments | $ | 32.5 | $ | (18.6) | $ | 13.9 |
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 1, 2025:
| In millions | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at February 1, 2025 | ||||||||||||||||||||||
| Fair value hedges: | |||||||||||||||||||||||||||||
| Intercompany balances, primarily debt: | |||||||||||||||||||||||||||||
| € | 79 | £ | 67 | 0.8523 | Prepaid Exp / (Accrued Exp) | $ | 0.7 | $ | (0.1) | $ | 0.6 | ||||||||||||||||||
| A$ | 210 | U.S.$ | 135 | 0.6420 | Prepaid Exp | 3.5 | — | 3.5 | |||||||||||||||||||||
| U.S.$ | 67 | £ | 55 | 0.8177 | Prepaid Exp | 0.8 | — | 0.8 | |||||||||||||||||||||
| £ | 50 | U.S.$ | 61 | 1.2222 | (Accrued Exp) | — | (0.9) | (0.9) | |||||||||||||||||||||
| € | 200 | U.S.$ | 217 | 1.0852 | Prepaid Exp / (Accrued Exp) | 7.6 | (0.4) | 7.2 | |||||||||||||||||||||
| Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
| Diesel fuel contracts | Fixed on 3.1M – 3.9M gal per month | Float on 3.1M– 3.9M gal per month | N/A | (Accrued Exp) | — | (9.1) | (9.1) | ||||||||||||||||||||||
| Intercompany billings in TJX International, primarily merchandise: | |||||||||||||||||||||||||||||
| € | 175 | £ | 148 | 0.8442 | Prepaid Exp | 1.5 | — | 1.5 | |||||||||||||||||||||
| Merchandise purchase commitments: | |||||||||||||||||||||||||||||
| C$ | 873 | U.S.$ | 625 | 0.7159 | Prepaid Exp | 21.9 | — | 21.9 | |||||||||||||||||||||
| C$ | 33 | € | 22 | 0.6673 | Prepaid Exp / (Accrued Exp) | 0.1 | (0.0) | 0.1 | |||||||||||||||||||||
| £ | 416 | U.S.$ | 530 | 1.2742 | Prepaid Exp / (Accrued Exp) | 15.2 | (1.1) | 14.1 | |||||||||||||||||||||
| zł | 552 | £ | 107 | 0.1933 | (Accrued Exp) | — | (3.5) | (3.5) | |||||||||||||||||||||
| A$ | 81 | U.S.$ | 52 | 0.6448 | Prepaid Exp / (Accrued Exp) | 1.7 | (0.1) | 1.6 | |||||||||||||||||||||
| U.S.$ | 87 | € | 82 | 0.9317 | Prepaid Exp / (Accrued Exp) | 0.1 | (2.9) | (2.8) | |||||||||||||||||||||
| Total fair value of derivative financial instruments | $ | 53.1 | $ | (18.1) | $ | 35.0 |
The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at November 2, 2024:
| In millions | Pay | Receive | Blended Contract Rate | Balance Sheet Location | Current Asset U.S.$ | Current (Liability) U.S.$ | Net Fair Value in U.S.$ at November 2, 2024 | ||||||||||||||||||||||
| Fair value hedges: | |||||||||||||||||||||||||||||
| Intercompany balances, primarily debt: | |||||||||||||||||||||||||||||
| € | 78 | £ | 67 | 0.8546 | Prepaid Exp | $ | 1.3 | $ | — | $ | 1.3 | ||||||||||||||||||
| A$ | 210 | U.S.$ | 139 | 0.6637 | Prepaid Exp | 1.5 | — | 1.5 | |||||||||||||||||||||
| U.S.$ | 70 | £ | 55 | 0.7898 | Prepaid Exp | 1.3 | — | 1.3 | |||||||||||||||||||||
| £ | 100 | U.S.$ | 127 | 1.2712 | (Accrued Exp) | — | (2.3) | (2.3) | |||||||||||||||||||||
| € | 200 | U.S.$ | 219 | 1.0970 | Prepaid Exp / (Accrued Exp) | 0.6 | (0.2) | 0.4 | |||||||||||||||||||||
| Economic hedges for which hedge accounting was not elected: | |||||||||||||||||||||||||||||
| Diesel fuel contracts | Fixed on 3.1M – 4.2M gal per month | Float on 3.1M – 4.2M gal per month | N/A | (Accrued Exp) | — | (16.3) | (16.3) | ||||||||||||||||||||||
| Intercompany billings in TJX International, primarily merchandise: | |||||||||||||||||||||||||||||
| € | 181 | £ | 151 | 0.8341 | (Accrued Exp) | — | (1.2) | (1.2) | |||||||||||||||||||||
| Merchandise purchase commitments: | |||||||||||||||||||||||||||||
| C$ | 834 | U.S.$ | 610 | 0.7318 | Prepaid Exp | 10.5 | — | 10.5 | |||||||||||||||||||||
| C$ | 33 | € | 22 | 0.6636 | Prepaid Exp / (Accrued Exp) | 0.1 | (0.0) | 0.1 | |||||||||||||||||||||
| £ | 478 | U.S.$ | 619 | 1.2960 | Prepaid Exp / (Accrued Exp) | 4.7 | (3.5) | 1.2 | |||||||||||||||||||||
| zł | 524 | £ | 102 | 0.1951 | Prepaid Exp / (Accrued Exp) | 2.3 | (0.1) | 2.2 | |||||||||||||||||||||
| A$ | 92 | U.S.$ | 62 | 0.6694 | Prepaid Exp | 1.2 | — | 1.2 | |||||||||||||||||||||
| U.S.$ | 127 | € | 116 | 0.9114 | Prepaid Exp / (Accrued Exp) | 0.1 | (1.4) | (1.3) | |||||||||||||||||||||
| Total fair value of derivative financial instruments | $ | 23.6 | $ | (25.0) | $ | (1.4) |
The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
| Amount of Gain (Loss) Recognized in Income by Derivative | |||||||||||||||||
| Location of Gain (Loss) Recognized in Income by Derivative | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
| In millions | November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 | |||||||||||||
| Fair value hedges: | |||||||||||||||||
| Intercompany balances, primarily debt | Selling, general and administrative expenses | $ | 1 | $ | 2 | $ | (29) | $ | 3 | ||||||||
| Economic hedges for which hedge accounting was not elected: | |||||||||||||||||
| Diesel fuel contracts | Cost of sales, including buying and occupancy costs | 3 | (6) | 2 | (22) | ||||||||||||
| Intercompany billings in TJX International, primarily merchandise | Cost of sales, including buying and occupancy costs | 1 | 4 | (7) | 5 | ||||||||||||
| Merchandise purchase commitments | Cost of sales, including buying and occupancy costs | 13 | 1 | (43) | 15 | ||||||||||||
| Gain (Loss) recognized in income | $ | 18 | $ | 1 | $ | (77) | $ | 1 |
Note F. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as exit price). The inputs used to measure fair value are generally classified into the following hierarchy:
| Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities | |||||||
| Level 2: | Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability | |||||||
| Level 3: | Unobservable inputs for the asset or liability |
The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:
| In millions | November 1, 2025 | February 1, 2025 | November 2, 2024 | ||||||||
| Level 1 | |||||||||||
| Assets: | |||||||||||
| Executive Savings Plan investments | $ | 545.5 | $ | 481.4 | $ | 465.8 | |||||
| Level 2 | |||||||||||
| Assets: | |||||||||||
| Foreign currency exchange contracts | $ | 29.7 | $ | 53.1 | $ | 23.6 | |||||
| Diesel fuel contracts | 2.8 | — | — | ||||||||
| Liabilities: | |||||||||||
| Foreign currency exchange contracts | $ | 18.6 | $ | 9.0 | $ | 8.7 | |||||
| Diesel fuel contracts | — | 9.1 | 16.3 |
Investments designed to meet obligations under the Executive Savings Plan are invested in registered investment companies traded in active markets and are recorded at unadjusted quoted prices.
Foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations, which include observable market information. TJX does not make adjustments to quotes or prices obtained from brokers or pricing services but does assess the credit risk of counterparties and will adjust final valuations when appropriate. Where independent pricing services provide fair values, TJX obtains an understanding of the methods used in pricing. As such, these instruments are classified within Level 2.
The fair value of TJX’s general corporate debt was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. These inputs are considered to be Level 2 inputs. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations.
The following table summarizes the carrying value and fair value estimates of the Company’s components of long-term debt:
| November 1, 2025 | February 1, 2025 | November 2, 2024 | ||||||||||||||||||
| In millions | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
| Level 2 | ||||||||||||||||||||
| Current portion of long-term debt | $ | 999 | $ | 986 | $ | — | $ | — | $ | — | $ | — | ||||||||
| Long-term debt | $ | 1,870 | $ | 1,742 | $ | 2,866 | $ | 2,634 | $ | 2,865 | $ | 2,640 |
For additional information on long-term debt, see Note I—Long-Term Debt and Credit Lines.
TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments.
The majority of the Company’s assets and liabilities are not measured at fair value on an ongoing basis. Certain assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of an impairment. For the periods ended November 1, 2025, February 1, 2025 and November 2, 2024, the Company did not record any material impairments to long-lived assets.
Note G. Segment Information
TJX operates four segments. TJX defines its segments as those operations whose results the Chief Executive Officer, who is the Company’s chief operating decision maker (“CODM”), regularly reviews to analyze performance and allocate resources. In the United States, the Marmaxx segment operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com and the HomeGoods segment operates HomeGoods and Homesense. The TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates TK Maxx, Homesense, tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe and TK Maxx in Australia. In addition to the Company’s four segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment.
All of TJX’s stores, with the exception of HomeGoods and HomeSense/Homesense, sell family apparel and home fashions. HomeGoods and HomeSense/Homesense offer home fashions.
The CODM regularly reviews net sales by segment and segment profit or loss. There are no significant expense categories or amounts regularly provided to the CODM and included in reported segment profit or loss. As such, no significant expense categories are disclosed in the table below. The CODM evaluates the performance of the Company’s segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, interest (income) expense, net and certain separately disclosed unusual or infrequent items. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. This measure of performance should not be considered an alternative to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity.
Presented below is financial information with respect to TJX’s segments:
| Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
| In millions | November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 | ||||||||||
| Marmaxx | ||||||||||||||
| Net sales | $ | 9,037 | $ | 8,438 | $ | 25,930 | $ | 24,633 | ||||||
| Segment expenses(a) | 7,687 | 7,231 | 22,219 | 21,138 | ||||||||||
| Segment profit | $ | 1,350 | $ | 1,207 | $ | 3,711 | $ | 3,495 | ||||||
| HomeGoods | ||||||||||||||
| Net sales | $ | 2,539 | $ | 2,355 | $ | 7,079 | $ | 6,535 | ||||||
| Segment expenses(a) | 2,195 | 2,065 | 6,277 | 5,856 | ||||||||||
| Segment profit | $ | 344 | $ | 290 | $ | 802 | $ | 679 | ||||||
| TJX Canada | ||||||||||||||
| Net sales | $ | 1,492 | $ | 1,382 | $ | 4,017 | $ | 3,739 | ||||||
| Segment expenses(a) | 1,270 | 1,173 | 3,452 | 3,206 | ||||||||||
| Segment profit | $ | 222 | $ | 209 | $ | 565 | $ | 533 | ||||||
| TJX International | ||||||||||||||
| Net sales | $ | 2,049 | $ | 1,888 | $ | 5,603 | $ | 5,103 | ||||||
| Segment expenses(a) | 1,861 | 1,751 | 5,244 | 4,832 | ||||||||||
| Segment profit | $ | 188 | $ | 137 | $ | 359 | $ | 271 | ||||||
| Total TJX | ||||||||||||||
| Net sales | $ | 15,117 | $ | 14,063 | $ | 42,629 | $ | 40,010 | ||||||
| Segment expenses(a) | 13,013 | 12,220 | 37,192 | 35,032 | ||||||||||
| Segment profit | $ | 2,104 | $ | 1,843 | $ | 5,437 | $ | 4,978 | ||||||
| General corporate expense | 216 | 150 | 613 | 523 | ||||||||||
| Interest (income) expense, net | (28) | (43) | (85) | (139) | ||||||||||
| Income before income taxes | $ | 1,916 | $ | 1,736 | $ | 4,909 | $ | 4,594 |
(a) Segment expenses for each reportable segment include cost of sales and selling, general and administrative expenses. Cost of sales includes buying and occupancy costs, cost of merchandise sold, and other expenses. Selling, general and administrative expenses include store payroll and benefit costs, communication costs, and other expenses. Refer to Note A - Basis of Presentation and Summary of Accounting Policies of Notes to Consolidated Financial Statements included in TJX’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025 for more information on the classifications.
The following table presents identifiable assets by segment:
| In millions | November 1, 2025 | February 1, 2025 | November 2, 2024 | ||||||||
| Identifiable assets: | |||||||||||
| In the United States: | |||||||||||
| Marmaxx | $ | 16,516 | $ | 14,137 | $ | 15,007 | |||||
| HomeGoods | 4,540 | 4,037 | 4,314 | ||||||||
| TJX Canada | 2,593 | 2,128 | 2,412 | ||||||||
| TJX International | 4,914 | 4,243 | 4,549 | ||||||||
| Segment identifiable assets | $ | 28,563 | $ | 24,545 | $ | 26,282 | |||||
| Corporate(a) | 6,625 | 7,204 | 6,154 | ||||||||
| Total identifiable assets | $ | 35,188 | $ | 31,749 | $ | 32,436 |
(a)Corporate identifiable assets primarily include cash and trust assets from the Executive Savings Plan and the equity method investments. Consolidated cash, including that held by foreign entities, is reported with Corporate assets for consistency with segment reporting in the U.S.
The following table presents capital expenditures and depreciation and amortization by segment:
| Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
| In millions | November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 | ||||||||||
| Capital expenditures: | ||||||||||||||
| In the United States: | ||||||||||||||
| Marmaxx | $ | 347 | $ | 247 | $ | 997 | $ | 763 | ||||||
| HomeGoods | 81 | 75 | 199 | 335 | ||||||||||
| TJX Canada | 37 | 39 | 110 | 121 | ||||||||||
| TJX International | 66 | 61 | 183 | 185 | ||||||||||
| Total capital expenditures | $ | 531 | $ | 422 | $ | 1,489 | $ | 1,404 | ||||||
| Depreciation and amortization: | ||||||||||||||
| In the United States: | ||||||||||||||
| Marmaxx | $ | 178 | $ | 147 | $ | 512 | $ | 434 | ||||||
| HomeGoods | 57 | 52 | 170 | 154 | ||||||||||
| TJX Canada | 26 | 23 | 76 | 67 | ||||||||||
| TJX International | 54 | 43 | 159 | 137 | ||||||||||
| Segment depreciation and amortization | $ | 315 | $ | 265 | $ | 917 | $ | 792 | ||||||
| Corporate(a) | 1 | 1 | 3 | 3 | ||||||||||
| Total depreciation and amortization | $ | 316 | $ | 266 | $ | 920 | $ | 795 |
(a)Includes debt discount accretion and debt expense amortization.
Note H. Pension Plans and Other Retirement Benefits
Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the periods shown:
| Funded Plan | Unfunded Plan | |||||||||||||
| Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||||||
| In millions | November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 | ||||||||||
| Service cost | $ | 7 | $ | 8 | $ | 1 | $ | 1 | ||||||
| Interest cost | 19 | 17 | 2 | 1 | ||||||||||
| Expected return on plan assets | (22) | (21) | — | — | ||||||||||
| Amortization of net actuarial loss and prior service credit | (0) | (0) | 1 | 0 | ||||||||||
| Total expense | $ | 4 | $ | 4 | $ | 4 | $ | 2 | ||||||
| Funded Plan | Unfunded Plan | |||||||||||||
| Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||
| In millions | November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 | ||||||||||
| Service cost | $ | 22 | $ | 24 | $ | 2 | $ | 2 | ||||||
| Interest cost | 57 | 53 | 5 | 4 | ||||||||||
| Expected return on plan assets | (66) | (60) | — | — | ||||||||||
| Amortization of net actuarial loss and prior service credit | (1) | (1) | 1 | 1 | ||||||||||
| Total expense | $ | 12 | $ | 16 | $ | 8 | $ | 7 |
TJX’s policy with respect to the funded plan is to fund, at a minimum, the amount required to maintain a funded status of 80% of the applicable pension liability (the Funding Target pursuant to the Internal Revenue Code section 430) or such other amount as is sufficient to avoid restrictions with respect to the funding of nonqualified plans under the Internal Revenue Code. The Company does not anticipate any required funding in fiscal 2026 for the funded plan. The Company anticipates making contributions of $8 million to provide current benefits coming due under the unfunded plan in fiscal 2026.
The amounts included in Amortization of net actuarial loss and prior service credit in the table above have been reclassified in their entirety from Accumulated other comprehensive (loss) income to the Consolidated Statements of Income, net of related tax effects, for the periods presented.
Note I. Long-Term Debt and Credit Lines
The table below presents long-term debt as of November 1, 2025, February 1, 2025 and November 2, 2024. All amounts are net of unamortized debt discounts.
| In millions and net of immaterial unamortized debt discounts | November 1, 2025 | February 1, 2025 | November 2, 2024 | ||||||||
| General corporate debt: | |||||||||||
| 2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount) | $ | 999 | $ | 998 | $ | 998 | |||||
| 1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount) | 500 | 500 | 500 | ||||||||
| 3.875% senior unsecured notes, maturing April 15, 2030 (effective interest rate of 3.89% after reduction of unamortized debt discount) | 496 | 496 | 496 | ||||||||
| 1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount) | 500 | 500 | 500 | ||||||||
| 4.500% senior unsecured notes, maturing April 15, 2050 (effective interest rate of 4.52% after reduction of unamortized debt discount) | 383 | 383 | 383 | ||||||||
| Total debt | 2,878 | 2,877 | 2,877 | ||||||||
| Current maturities of long-term debt, net of debt issuance costs | (999) | — | — | ||||||||
| Debt issuance costs | (9) | (11) | (12) | ||||||||
| Long-term debt | $ | 1,870 | $ | 2,866 | $ | 2,865 |
Credit Facilities
As of November 1, 2025, TJX has two revolving credit facilities, a $750 million revolving credit facility maturing in May 2029 (the “2029 Revolving Credit Facility”) and a $750 million senior unsecured revolving credit facility maturing in May 2030 (the “2030 Revolving Credit Facility”).
On May 9, 2025, the Company amended and restated its $500 million revolving credit facility (as amended, the 2029 Revolving Credit Facility) to (i) extend the maturity to May 9, 2029 and (ii) increase the aggregate principal amount commitment to $750 million. All other material terms and conditions of the 2029 Revolving Credit Facility were unchanged.
Additionally, on May 9, 2025, the Company amended and restated its $1 billion revolving credit facility (as amended, the 2030 Revolving Credit Facility) to (i) extend the maturity to May 9, 2030, (ii) decrease the aggregate principal amount of commitments to $750 million and (iii) reduce the interest rate margin applicable to borrowings bearing interest at a term secured overnight financing rate to a margin of 45.0 - 87.5 basis points consistent with the 2029 Revolving Credit Facility. All other material terms and conditions of the 2030 Revolving Credit Facility were unchanged.
Under these credit facilities, the Company has maintained a borrowing capacity of $1.5 billion. As of November 1, 2025, February 1, 2025 and November 2, 2024, and during the quarters and year then ended, there were no amounts outstanding under these facilities. TJX was in compliance with all covenants related to its credit facilities at the end of all periods presented.
Note J. Income Taxes
On July 4, 2025, the One Big Beautiful Bill Act was signed into law, making permanent certain expiring provisions of the Tax Cuts and Jobs Act, including 100% accelerated depreciation deductions on qualified property and immediate expensing of domestic research and development costs, as well as modifying some of the international tax rules. These changes have not had a material impact for either the third quarter or the first nine months of fiscal 2026.
A number of countries have enacted legislation to implement the Organization for Economic Cooperation and Development’s 15% global minimum tax regime (Pillar Two) with effect from January 1, 2024. These changes did not have a material impact on our effective tax rate, results of operations or financial position for the third quarter of fiscal 2026 and are not expected to have a significant impact to the full fiscal year. We continue to evaluate the impacts of proposed and enacted legislation for the jurisdictions in which TJX operates.
The effective income tax rate was 24.7% for the third quarter of fiscal 2026 and 25.3% for the third quarter of fiscal 2025. The effective income tax rate was 24.2% for the first nine months of fiscal 2026 and 24.6% for the first nine months of fiscal 2025. The decrease in the effective income tax rate for both the third quarter and first nine months of fiscal 2026 was primarily due to the increase in an excess tax benefit from share-based compensation and a benefit from the acquisition of federal tax credits, partially offset by incremental taxes related to international operations.
TJX had net unrecognized tax benefits of $216 million as of November 1, 2025, $217 million as of February 1, 2025 and $203 million as of November 2, 2024.
TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S. and India, fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, fiscal years through 2011 are no longer subject to examination.
TJX’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense. The accrued amounts for interest and penalties on the Consolidated Balance Sheets were $25 million as of November 1, 2025, $28 million as of February 1, 2025 and $27 million as of November 2, 2024.
Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statutes of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the Consolidated Financial Statements as of November 1, 2025. During the next twelve months, it is reasonably possible that tax audit resolutions may reduce unrecognized tax benefits by up to $28 million, which would reduce the provision for taxes on earnings.
Note K. Contingent Obligations, Contingencies, and Commitments
Contingent Contractual Obligations
TJX is a party to various agreements under which it may be obligated to indemnify the other party with respect to certain losses related to matters including title to assets sold, specified environmental matters or certain income taxes. These obligations are sometimes limited in time or amount. There are no amounts reflected in the Company’s Consolidated Balance Sheets with respect to these contingent obligations.
Legal Contingencies
TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of its business. TJX has accrued immaterial amounts in the accompanying Consolidated Financial Statements for certain of its legal proceedings.
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